Geely-owned Volvo Cars has reported global sales of 763,389 vehicles for 2024, an increase of 8% compared to the previous year.

A notable trend in Volvo’s 2024 performance was the significant growth in its electrified vehicle sales. The Swedish automaker, majority-owned by China’s Geely Holding, reported 54% increase in fully electric vehicle sales, reaching 175,194 cars in 2024 from 113, 419 in 2023.

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Plug-in hybrid cars also saw growth, with sales of 177,593 cars, a 16% increase from the previous year.

Electrified models, combining fully electric and plug-in hybrids, represented 46% of Volvo’s total global sales for full year 2024.

In Europe, Volvo Cars’ sales climbed to 369,685 cars, a 25% increase from 2023. Notably, 65% of the cars sold in the region were electrified models.

However, in the US, the company faced a slight downturn, with sales dropping by 3% to 125,243 cars.

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Despite this, sales of electrified models in the US rose by 20%, accounting for 34% of all Volvo cars sold in the country during 2024.

Sales in China, Volvo’s largest market, decreased by 8% to 156,370 units. However, sales of electrified models in China grew by 3%, signaling ongoing interest in electric and hybrid vehicles in the region.

The XC60 was Volvo’s top-selling model in 2024, with 230,853 units sold, slightly up from 228,646 units in 2023.

The XC40/EX40 followed with 173,890 units, though this was a decrease from 200,670 units in the prior year.

The XC90 completed the top three with 108,621 units sold, a modest increase from 107,549 units in 2023.

Despite the overall growth, Volvo Cars experienced a 3% decline in sales during December, with a noticeable decrease in hybrid vehicle sales.